Sonia Gandhi lays foundation stone for MEMU coach factory, says Congress committed to empower poor, youth

Bhilwara (Rajasthan), Sept 22 (ANI): Congress Party President and UPA chairperson Sonia Gandhi on Sunday laid the foundation stone for a Mainline Electric Multiple Unit (MEMU) coach factory here today, and said that her party was committed to empowering all sections of society, especially the poor, in India.

"The Congress Party is the only party which works for the development of all sections of society; we especially support the poor," Gandhi said.

"The Congress is continually committed to development and progress in the region, so as to enable the people economically and give them progress and development," she added.

Saying that the MEMU project would bring development to the district, Gandhi said that the Congress initiative fell in line with its overall project of enabling the youth of the country.

"The commencement of the Mainline Electric Multiple Unit project will not only help the district flourish economically, but will also provide an opportunity for employment for the youth," Gandhi said.

"The Congress Party is committed to development and progress, and to ensure that everyone in the country is empowered," she added.

Earlier today, the Congress President laid the foundation stone of refinery and petro-chemical complex at Pachpadra in Rajasthan's Barmer district.

The Union Cabinet on Friday approved setting up of a nine million tonne refinery-cum-petrochemical complex by Hindustan Petroleum Corporation Limited (HPCL's) in Barmer.

The proposed refinery will be a subsidiary of HPCL with its equity of 74 percent to be held by HPCL and 26 percent to be held by the Govt. of Rajasthan.

The cost of the project is estimated at Rs. 37,230 crore. The project cost is proposed to be sourced with a detbt/equity ratio of 1.5:1. Total equity component is Rs.14,892 crore and debt is Rs.22,338 crore. HPCL's equity contribution is Rs.11,020 crore at 74 percent equity and Govt. of Rajasthan's equity contribution is Rs.3,872 crore at 26 percent.

M/s. HPCL has signed a Memorandum of Understanding on 14th May, 2013 with Govt. of Rajasthan in this regard. HPCL has subsequently also signed a JV agreement with Govt. of Rajasthan on 11th July, 2013 on these terms for setting up the refinery as a joint venture. The proposed refinery will process 4.5 MMT of Mangala Crude and 4.5 MMT of Arab/other crude(s).

There shall be a direct and indirect economic benefit to the economy of Rajasthan , which shall, besides industrialization, result in substantial increase in income, output, employment and tax earnings of the State. (ANI)